Cerence Inc (CRNC) 2025 Q2 法說會逐字稿

Hello everyone, and welcome to Cerence's second-quarter 2025 conference call. I'm Kate Hickman, VP of Corporate Communications and Investor Relations. I've been with the company for nearly eight years leading communications, and I'm excited to now be leading Investor Relations as well. I look forward to getting to know all of you.

大家好，歡迎參加 Cerence 2025 年第二季電話會議。我是凱特‧希克曼 (Kate Hickman)，企業傳播與投資人關係副總裁。我在公司工作了近八年，主要負責通訊工作，現在也很高興能夠負責投資人關係工作。我期待認識你們所有人。

Before we begin, I would like to remind you that this call may involve certain forward-looking statements. Any statements that are not statements of historical fact, including statements related to our expectations, anticipation, intentions, estimates, assumptions, beliefs, outlook, strategies, goals, objectives, targets, and plans are forward-looking statements. Cerence makes no representations to update those statements after today.

在我們開始之前，我想提醒您，本次電話會議可能涉及某些前瞻性陳述。任何非歷史事實的陳述，包括與我們的期望、預期、意圖、估計、假設、信念、展望、策略、目標、宗旨、指標和計劃有關的陳述均為前瞻性陳述。Cerence 不保證在今天之後更新這些聲明。

These statements are subject to risks and uncertainties, which may cause actual results to differ materially from such statements and expectations, as described in our SEC filings, including the Form 8-K, with the press release preceding today's call, our most recent Form 10-Q and our Form 10-K filed on November, 25, 2024.

這些聲明受風險和不確定性的影響，可能導致實際結果與這些聲明和預期存在重大差異，如我們向美國證券交易委員會提交的文件所述，包括 8-K 表格、今天電話會議之前的新聞稿、我們最新的 10-Q 表格和我們於 2024 年 11 月 25 日提交的 10-K 表格。

In addition, the company may refer to certain non-GAAP measures, key performance indicators, and pro forma financial information during this call. Please refer to today's press release for further details of the definitions, limitations, and uses of those measures and reconciliations of non-GAAP measures to the closest GAAP equivalent. The press release is available in the IR section of our website.

此外，本公司可能會在本次電話會議中參考某些非公認會計準則指標、關鍵績效指標和備考財務資訊。請參閱今天的新聞稿，以了解這些指標的定義、限制和用途的更多詳細信息，以及非 GAAP 指標與最接近的 GAAP 指標的對帳。新聞稿可在我們網站的 IR 部分查閱。

Joining me on today's call are Brian Krzanich, CEO; and Tony Rodriquez, CFO. Please note that slides with further context are available in the Investors section of our website.

參加今天電話會議的還有執行長 Brian Krzanich；以及財務長 Tony Rodriquez。請注意，我們網站的「投資者」部分提供了包含更多背景的幻燈片。

Before handing the call over to Brian, I would like to mentioned that we will be presenting at the TD Cowen Technology, Media, & Telecom Conference on May 29 and Evercore ISI Global Automotive OEM Dealer & Supplier Conference on June 10. Webcast details will be provided soon.

在將電話交給 Brian 之前，我想提一下，我們將於 5 月 29 日參加 TD Cowen 技術、媒體和電信會議，並於 6 月 10 日參加 Evercore ISI 全球汽車 OEM 經銷商和供應商會議。網路廣播詳情將很快提供。

Now, on to the call. Brian?

現在，開始通話。布賴恩？

Thank you, Kate. Good afternoon, everyone, and welcome to the Q2 2025 Cerence earnings call. I'm really excited to speak with you today. Now, while Tony will walk you through the details, we're very pleased with the strong results the team delivered this quarter, exceeding the high end of our guidance with a revenue of $78 million and adjusted EBITDA of $29.5 million.

謝謝你，凱特。大家下午好，歡迎參加 2025 年第二季 Cerence 收益電話會議。我很高興今天能和你交談。現在，東尼將向您介紹細節，我們對團隊本季的強勁業績感到非常滿意，其營收達到 7,800 萬美元，調整後 EBITDA 達到 2,950 萬美元，超過了我們預期的高端。

Importantly, we generated strong free cash flow of $13.1 million, marking our fourth consecutive quarter of positive free cash flow. As a result, we are raising our full year guidance for adjusted EBITDA and free cash flow, and Tony will provide further details on this.

重要的是，我們產生了 1,310 萬美元的強勁自由現金流，這標誌著我們連續第四個季度實現正自由現金流。因此，我們提高了全年調整後 EBITDA 和自由現金流的預期，Tony 將提供更多詳細資訊。

I'm proud of our team and what it has accomplished despite ongoing macro challenges and uncertainty facing the automotive industry. We're focused on the future and believe that we remain well-positioned to support our customers.

儘管汽車產業面臨持續的宏觀挑戰和不確定性，我仍為我們的團隊及其所取得的成就感到自豪。我們著眼於未來，並相信我們仍然有能力為客戶提供支援。

Cerence continues to be differentiated by our unique combination of technology innovation, our diverse and expansive customer base, and our deep automotive expertise.

Cerence 繼續以其獨特的技術創新、多樣化和廣泛的客戶群以及深厚的汽車專業知識脫穎而出。

Our experienced management team and deep bench of talent are keenly focused on delivering to our customers and executing against our road map. As we anticipated and stated in our last earnings call, we did not see a meaningful impact from tariffs on this quarter's results.

我們經驗豐富的管理團隊和雄厚的人才團隊專注於為客戶提供服務並執行我們的路線圖。正如我們在上次收益電話會議上預期和指出的那樣，我們認為關稅不會對本季業績產生重大影響。

For Q3, we believe the impact will remain limited. However, we are seeing some pressure from our customers on pricing and some changes in their program time lines as they work to understand the true impact that tariffs will have on their businesses.

對於第三季度，我們認為影響仍然有限。然而，我們看到客戶在定價方面面臨一些壓力，他們的計劃時間表也發生了一些變化，因為他們正在努力了解關稅對其業務的真正影響。

We're working cooperatively with our customers to find ways to optimize our partnership to best support them during this time, while also maintaining favorable conditions for Cerence.

我們正在與客戶合作，尋找優化合作夥伴關係的方法，以便在此期間為他們提供最佳支持，同時也為 Cerence 保持有利條件。

Based on what we can see today and on currently available information for fiscal year 2025, we continue to assume minimal impact from tariffs. However, it's important to note that the situation remains fluid and may evolve over the remainder of the year.

根據我們今天所看到的情況以及目前可用的 2025 財年信息，我們仍然認為關稅的影響微乎其微。然而，值得注意的是，情況仍然不穩定，並可能在今年剩餘時間內發生變化。

We continue to recognize the importance of differentiation and diversification. And as I've mentioned, we've had some great wins outside of automotive. We're building on that foundation to ramp up on our non-automotive efforts. For example, we're working to expand our partnerships with our network of distributors.

我們繼續認識到差異化和多樣化的重要性。正如我所提到的，我們在汽車領域之外也取得了一些重大勝利。我們正在以此為基礎加大非汽車領域的努力。例如，我們正在努力擴大與經銷商網路的合作夥伴關係。

You may have seen our announcement with Code Factory earlier this week. Together, we're introducing VoiceTopping, a new solution that will bring Cerence's conversational AI to self-service kiosks in a variety of settings.

您可能已經看到了我們本週早些時候與 Code Factory 發布的公告。我們共同推出了 VoiceTopping，這是一個新的解決方案，它將 Cerence 的對話式 AI 引入各種環境中的自助服務亭。

And we believe that this solution will be particularly relevant for things like placing orders and getting information in restaurants and hospitality, retail and self-checkout, health care, transportation, banking, and entertainment settings, enabling users to interact with kiosks using only their voice.

我們相信，該解決方案對於在餐廳和酒店、零售和自助結帳、醫療保健、交通、銀行和娛樂場所下訂單和獲取資訊等方面特別有用，使用戶能夠僅使用語音與自助服務終端進行互動。

We're continuing to identify new verticals where we think we have a solid value proposition and can win. And we believe we will see the impact of this work on our revenue and profitability in fiscal year 2026 and beyond.

我們正在繼續尋找我們認為具有堅實價值主張並且能夠取得成功的新垂直領域。我們相信，我們將在 2026 財年及以後看到這項工作對我們的收入和盈利能力的影響。

Another area in which we are strategically investing is IP protection. We intend to aggressively protect the time and effort Cerence has put into developing our innovative technology. And as you may know, we have ongoing lawsuits against Samsung for patent infringement.

我們進行戰略投資的另一個領域是智慧財產權保護。我們打算積極保護 Cerence 為開發創新技術所投入的時間和精力。您可能知道，我們正在對三星提起專利侵權訴訟。

This week, we filed an action against Microsoft and Nuance for copyright infringement and breach of contract. As many of you know, these types of actions can take a long time to resolve and have risks, including loss of these actions.

本週，我們對微軟和 Nuance 提起了侵犯版權和違反合約的訴訟。正如你們許多人所知，這些類型的行動可能需要很長時間才能解決，並且存在風險，包括失去這些行動。

But as a company deeply rooted in innovation, we feel it's critical at this time that we take the steps to vigorously defend our IP. Of course, we also continue to make progress on three key deliverables planned for 2025 that I laid out in last quarter's call.

但作為一家深深紮根於創新的公司，我們認為此時採取措施大力捍衛我們的智慧財產權至關重要。當然，我們也將繼續推進我在上個季度的電話會議上提出的 2025 年計畫的三個關鍵成果。

First, we continue our work on Cerence XUI, our hybrid Agentic AI assistant platform. We reached several important milestones for XUI within the quarter, including the product's market launch, which coincided with an appearance at NVIDIA GTC in partnership with our customers, JLR and Renault. And we continue to evolve and enhance XUI with further edge and multimodal capabilities.

首先，我們繼續開發混合 Agentic AI 助理平台 Cerence XUI。我們在本季為 XUI 實現了幾個重要的里程碑，包括產品的市場發布，同時與我們的客戶 JLR 和雷諾合作亮相 NVIDIA GTC。我們將繼續發展和增強 XUI，提供更多優勢和多模式功能。

Our teams worked hard this quarter to showcase XUI in both English and Mandarin at the recent Auto Shanghai 2025. This included new multimodal features within our CaLLM Edge embedded small language model developed in partnership with NVIDIA and MediaTek.

本季度，我們的團隊付出了巨大的努力，在最近的 2025 上海車展上展示了英語和普通話版本的 XUI。這包括我們與 NVIDIA 和聯發科合作開發的 CaLLM Edge 嵌入式小語言模型中的新多模式功能。

This means we feed the SLM with car sensor data and camera-based video streams to create an experience that integrates context from both inside and outside the car, something no one else has done before.

這意味著我們向 SLM 提供汽車感測器數據和基於攝影機的視訊串流，以創造一種融合汽車內部和外部環境的體驗，這是以前沒有人做過的事情。

For example, XUI can explain or translate road signs, identify roadside buildings, and even offer details about something interesting on a billboard, which has the potential to open up new revenue streams for OEMs.

例如，XUI 可以解釋或翻譯道路標誌、識別路邊建築物，甚至提供廣告牌上一些有趣事物的詳細信息，這有可能為 OEM 開闢新的收入來源。

In the coming months, we plan to continue to expand XUI's features and capabilities as well as increased language availability to serve automakers globally. We continue to see strong customer interest for XUI. We've signed several deals with top automakers, including JLR and have several more that we believe will close within the coming quarter.

在接下來的幾個月裡，我們計劃繼續擴展 XUI 的功能和能力以及增加語言可用性，以服務全球汽車製造商。我們繼續看到客戶對 XUI 的濃厚興趣。我們已經與包括捷豹路虎在內的頂級汽車製造商簽署了多項協議，我們相信還有更多協議將在下個季度內完成。

Additionally, we have a robust pipeline of ongoing customer interest with a steady stream of proof-of-concept programs. It's important to note that we can push out the cloud aspects of XUI over the air to existing programs that are already shipping.

此外，我們擁有強大的管道來持續滿足客戶的興趣，並有源源不斷的概念驗證計劃。值得注意的是，我們可以透過無線方式將 XUI 的雲端功能推送到已在發布的現有程式中。

As OEMs navigate the complexity and ambiguity of the current market, we're well-positioned to help them continue to deliver new features and capabilities within their existing user experiences without having to invest in a full build-out or rebuild of their infotainment platforms. And we continue to build the pipeline for the hybrid cloud embedded aspects of XUI for automakers' future programs.

當原始設備製造商 (OEM) 應對當前市場的複雜性和模糊性時，我們完全有能力幫助他們在現有用戶體驗中繼續提供新功能和新能力，而無需投資全面構建或重建其資訊娛樂平台。我們將繼續為汽車製造商的未來計劃建立 XUI 的混合雲嵌入式方面的管道。

The second key deliverable for 2025 is to continue growing our business with new and existing customers. even major customer programs started production this quarter, including the Mercedes-Benz Virtual Assistant within the fourth generation of MBUX first introduced in a new Electric CLA, Cerence's AI solutions serve as the core input and output mechanisms across 25 languages, enabling seamless interaction across the platform's agentic architecture, including Mercedes new Avatar.

2025 年的第二個關鍵成果是繼續與新舊客戶拓展業務。甚至本季開始投產的主要客戶項目，包括首次在新款電動 CLA 中推出的第四代 MBUX 中的梅賽德斯-奔馳虛擬助手，Cerence 的 AI 解決方案作為 25 種語言的核心輸入和輸出機制，實現跨平台代理架構的無縫交互，包括梅賽德斯新款 Avatar。

Additionally, emotion detection and embedded neural text to speech from Cerence AI enabled MBUX to deliver more natural and empathetic interactions. The previously announced two-wheeler program with Kawasaki also started production as well as several China for the rest of the world programs with Great Wall Motor and Lincoln Company, among others. In addition, our Gen AI solutions went live with three customers, Hyundai, Kia, and PSA.

此外，Cerence AI 的情緒偵測和嵌入式神經文字轉語音功能使 MBUX 能夠提供更自然、更具同理心的互動。先前宣布的與川崎合作的兩輪車項目也已開始生產，此外，與長城汽車、林肯公司等合作的幾項面向世界其他地區的中國項目也已開始生產。此外，我們的 Gen AI 解決方案已與現代、起亞和 PSA 三家客戶合作。

The third key deliverable for 2025 is to continue our transformation and cost management. As you can see from our strong cash performance this quarter, we're seeing the real benefits from this work and it's being delivered to our bottom line for our shareholders.

2025 年的第三個關鍵成果是延續我們的轉型和成本管理。從本季強勁的現金表現可以看出，我們從這項工作中看到了真正的好處，並且它正在為我們的股東帶來利潤。

In conclusion, we are encouraged by our second quarter results, especially with regards to free cash flow and solid path we have established ahead of us.

總之，我們對第二季的業績感到鼓舞，特別是考慮到自由現金流和我們未來建立的堅實道路。

And with that, I'll turn the call over to Tony.

說完這些，我會把電話轉給托尼。

Thank you, Brian. Today, I'll be reviewing our Q2 results for fiscal 2025 and providing some guidance for our third quarter and full fiscal year.

謝謝你，布萊恩。今天，我將回顧我們 2025 財年第二季的業績，並為我們的第三季和整個財年提供一些指導。

Let's get into the Q2 operating statement. At the top, we achieved Q2 revenue of $78 million, which exceeded the high end of our guidance range of $74 million to $77 -- as projected, the revenue this quarter included $21.5 million of fixed license revenue contracts. With Q2 behind us, we expect no material fixed license revenue to be signed during the remainder of the fiscal year.

讓我們來看看第二季的經營報表。我們第二季度的收入最高達到了 7800 萬美元，超過了我們 7400 萬美元至 7700 萬美元的指導範圍上限——正如預期的那樣，本季度的收入包括 2150 萬美元的固定許可收入合約。隨著第二季的結束，我們預計本財年剩餘時間內不會簽署任何實質的固定授權收入。

As compared to the prior year, Q2 revenue increased $10.2 million, primarily related to the year-over-year increase in fixed license revenue of $11.1 million. This was offset by a decrease in professional services revenue.

與上年相比，第二季營收增加了 1,020 萬美元，主要由於固定授權收入年增 1,110 萬美元。但專業服務收入的減少抵消了這種影響。

Additionally, as compared to our expectations, revenue was negatively impacted this quarter by the euro to dollar exchange rate. This fluctuation was neutral to profitability as it had a corresponding positive impact to our operating expenses for the quarter, and the euro has rebounded to our forecasted rate for April.

此外，與我們的預期相比，本季營收受到歐元兌美元匯率的負面影響。這種波動對獲利能力沒有影響，因為它對我們本季的營運費用產生了相應的正面影響，而且歐元已經反彈至我們預測的四月份匯率。

Our gross margin for the quarter, of 77%, also exceeded the high end of our guidance range of 74% to 76% as our technology revenue constituted a larger percentage of the revenue mix than forecasted.

本季我們的毛利率為 77%，也超過了我們預期範圍 74% 至 76% 的高端，因為我們的技術收入在收入結構中所佔的比例高於預期。

Moving down the operating statement. Our non-GAAP operating expenses were $34.1 million for Q2 compared to $50 million for the same quarter last year. This decrease of $15.9 million or 32% represents savings from the restructuring efforts conducted at the end of last year.

下移經營報表。我們第二季的非公認會計準則營運費用為 3,410 萬美元，而去年同期為 5,000 萬美元。這項減少 1,590 萬美元（32%）是去年年底進行重組所節省的資金。

As compared to our forecast, we also continued to delay some planned R&D hiring until Q3 and had lower translated operating costs in our European subsidiaries with the euro to dollar exchange rate for the quarter. Additionally, the company received notice of acceptance of another international tax credit that allowed us to record a $2.2 million operating cost benefit catch-up.

與我們的預測相比，我們也繼續將一些計劃中的研發招聘推遲到第三季度，並且由於本季度歐元兌美元的匯率，我們歐洲子公司的營業成本有所降低。此外，該公司還收到了另一項國際稅收抵免的接受通知，這使我們能夠記錄 220 萬美元的營運成本效益補繳。

The tax credit benefit recognized this quarter was similar to the credit reported last quarter, but for a different jurisdiction. These credits reflect our continuing effort to maximize the R&D benefits in our offshore locations. While we do not expect similar catch-up amounts going forward, ongoing R&D costs will reflect in-period credits we have applied for.

本季確認的稅收抵免福利與上季報告的抵免福利類似，但針對的是不同的司法管轄區。這些信用反映了我們為最大限度地提高離岸研發地點的研發效益而做出的持續努力。雖然我們預計未來不會出現類似的補足金額，但持續的研發成本將反映我們申請的期間抵免。

Our adjusted EBITDA of $29.5 million exceeded the high end of our guidance range of $18 million to $22 million and was $29.8 million better than the approximate $300,000 EBITDA loss for Q2 of last fiscal year. The improvement in non-GAAP operating expenses over prior year and expectations was driven by continued focus on managing operating costs and improving profitability.

我們的調整後 EBITDA 為 2950 萬美元，超過了我們 1800 萬美元至 2200 萬美元的指導範圍的高端，並且比上一財年第二季度約 30 萬美元的 EBITDA 虧損高出 2980 萬美元。非公認會計準則營運費用較上年和預期有所改善，這得益於持續關注管理營運成本和提高獲利能力。

Our net income for Q2 was $21.7 million compared to a net loss of $278 million for the same quarter last year. In Q2 of last year, the company recorded a goodwill impairment charge of $252 million. This was a non-cash charge that only affected the GAAP results. Excluding the impairment charge, our net income still improved from last year by approximately $48 million this quarter.

我們第二季的淨收入為 2,170 萬美元，而去年同期的淨虧損為 2.78 億美元。去年第二季度，該公司記錄了 2.52 億美元的商譽減損費用。這是一項非現金費用，僅影響 GAAP 結果。不計減損費用，本季我們的淨收入仍比去年同期增加了約 4,800 萬美元。

We ended the quarter with $122.8 million of cash and marketable securities, up $12.3 million compared to where we ended last quarter derived from our positive free cash flow during the quarter of $13.1 million.

本季末，我們的現金和有價證券為 1.228 億美元，比上一季末增加了 1,230 萬美元，這得益於本季我們的自由現金流為 1,310 萬美元。

As we look at our revenue breakdown and operating metrics, variable license revenue of $29.9 million was up $4.8 million or 19% from the same quarter last year and slightly ahead of expectations. As mentioned, fixed license revenue during the quarter was $21.5 million compared to $10.4 million for Q2 last fiscal year.

當我們查看收入明細和營運指標時，可變授權收入為 2,990 萬美元，比去年同期成長 480 萬美元（19%），略高於預期。如上所述，本季固定許可收入為 2,150 萬美元，而上財年第二季為 1,040 萬美元。

Q2 Connected Services revenue was $12.6 million, down $1 million or 7% from $13.6 million for the same quarter last year. However, in Q2 of last year, the company recorded a $2.6 million revenue true-up. We believe this improvement in Connected Services revenue reflects a positive sign of increased demand for connected vehicles.

第二季連網服務收入為 1,260 萬美元，較去年同期的 1,360 萬美元下降 100 萬美元，降幅為 7%。然而，去年第二季度，該公司的收入實際成長了 260 萬美元。我們相信，連網服務收入的提高反映了連網汽車需求增加的正面訊號。

As planned, our professional services revenue was down year-over-year by approximately $4.8 million, but down a bit more than expected. As our solutions become more standardized, they become more easily integrated and require less of our professional services to integrate. Additionally, some OEMs are bringing more of this integration in-house.

按照計劃，我們的專業服務收入年減約 480 萬美元，但降幅略高於預期。隨著我們的解決方案變得更加標準化，它們變得更加容易集成，並且需要更少的專業服務來整合。此外，一些 OEM 正在將更多此類整合引入內部。

As we review our key performance indicators this quarter, total adjusted billings, which are defined as our total billings adjusted to exclude professional services, prepaid billings, and prepaid consumption was $224 million and flat to -- for the trailing 12-month period this year compared to previous year.

當我們回顧本季的關鍵績效指標時，總調整後帳單（定義為調整後不包括專業服務、預付帳單和預付消費的總帳單）為 2.24 億美元，與去年同期相比，今年過去 12 個月的調整後帳單總額與去年持平。

Total billings, including professional services for Q2 of $77.7 million were also comparable to Q2 of last fiscal year. As a reminder, when we look at total licenses shipped, pro forma royalties is an operating measure we use representing the total value of variable licenses shipped in a quarter, including the shipments from fixed licenses where revenue was previously recognized upon contract signing.

第二季包括專業服務在內的總營業額為 7,770 萬美元，與去年財年第二季相當。提醒一下，當我們查看已運送的許可證總數時，形式版稅是我們用來表示一個季度內運送的可變許可證的總價值的營運指標，其中包括先前在簽訂合約時確認收入的固定許可證的運送量。

We refer to the shipments where revenue was recognized in the prior period as fixed license consumption. Our pro forma royalties were $39.7 million, which were comparable to Q2 of last fiscal year.

我們將前期確認收入的出貨量稱為固定許可證消耗。我們的預計特許權使用費為 3,970 萬美元，與上一財年第二季持平。

Consumption of our previous fixed license contracts totaled $9.7 million this quarter, lower than the same quarter last year by about 33% and in line with expectations. As discussed in previous calls, we anticipated a lower level of consumption given the lower level of fixed contracts than historical periods.

本季我們先前的固定許可合約的消費總額為 970 萬美元，比去年同期低約 33%，符合預期。正如在先前的電話會議中所討論的那樣，由於固定合約水準低於歷史時期，我們預計消費水準會較低。

Our penetration of global auto production for the trailing 12 months ending this quarter was 51%. Approximately 11.6 million cars with Cerence technology were shipped in Q2, flat year-over-year and down 1.3% quarter-over-quarter. Q2 worldwide IHS production increased 1.3% year-over-year and was down 10.9% quarter-over-quarter.

截至本季的過去 12 個月，我們對全球汽車生產的滲透率為 51%。第二季度，搭載 Cerence 技術的汽車出貨量約為 1,160 萬輛，較去年同期持平，較上季下降 1.3%。第二季全球IHS產量年增1.3%，季減10.9%。

Excluding China, worldwide car production was down 3% versus the same quarter last year and down 1% quarter-over-quarter. This is important to note as it shows that a big part of the worldwide production decline quarter-over-quarter relates to the Chinese market and not to the regions where we are more predominant. To-date, we have not really sold to the Chinese OEMs for the China domestic market.

除中國外，全球汽車產量較去年同期下降 3%，較上一季下降 1%。值得注意的是，全球產量較上季下降很大一部分與中國市場有關，而不是與我們主導的地區有關。到目前為止，我們還沒有真正向中國本土市場的中國原始設備製造商銷售產品。

The number of cars produced that use our connected services increased 10% on a trailing 12-month basis compared to the same metric a year ago. We believe this reflects increased demand for connected vehicles.

與去年同期相比，使用我們的連網服務生產的汽車數量在過去 12 個月內增加了 10%。我們認為這反映了對連網汽車的需求增加。

So last quarter, we discussed the possibility of introducing a price per unit or PPU operating metric, providing insight into pricing. For our business, PPU represents the average technology price per vehicle shipped, including both embedded license fee and connected services subscription.

因此，上個季度，我們討論了引入每單位價格或 PPU 營運指標的可能性，以提供對定價的洞察。對於我們的業務而言，PPU 代表每輛運輸車輛的平均技術價格，包括嵌入式授權費和連接服務訂閱費。

Although PPU is not immediately recognized as revenue at the time of shipment, it reflects the average per vehicle value that will ultimately be recognized. PPU is influenced by contract pricing, the take rate of technology features and the adoption rate of connected services.

雖然 PPU 在發貨時不會立即確認為收入，但它反映了最終確認的每輛車的平均價值。PPU 受到合約定價、技術特性的採用率和連接服務的採用率的影響。

For Q2, the trailing 12-month average PPU was $4.87, up from $4.51 for the same period last year. This increase was primarily driven by higher attachment rate of connected services. 29% of vehicles were connected this quarter compared to 26% a year ago.

第二季度，過去 12 個月的平均 PPU 為 4.87 美元，高於去年同期的 4.51 美元。這一增長主要是由於連接服務的附加率較高所致。本季連網車輛比例為 29%，而去年同期為 26%。

We believe this growth in Connected Services reflects consumer demand for interactive technologies that allow users to control vehicle function and communicate externally through a unified interface.

我們相信，互聯服務的成長反映了消費者對互動式技術的需求，這種技術允許使用者透過統一的介面控制車輛功能並與外部進行通訊。

While we expect continued adoption of connected solutions, past performance does not guarantee future growth rate results. Our five-year backlog metric, which is currently approximately $960 million, which was consistent with where it was two quarters ago.

雖然我們預期聯網解決方案將繼續被採用，但過去的表現並不能保證未來的成長率結果。我們的五年積壓訂單指標目前約為 9.6 億美元，與兩個季度前的水準一致。

Now, turning to our guidance. For Q3, we expect revenue to be in the range of $52 million to $56 million, where no material fixed license revenue expected to be signed during the quarter.

現在，轉向我們的指導。對於第三季度，我們預計收入將在 5,200 萬美元至 5,600 萬美元之間，預計本季度不會簽署任何重大固定許可收入。

Additionally, our Q3 revenue guidance absorbs approximately $1 million of headwinds in our professional services we saw in Q2. With no fixed license revenue forecasted in Q3, we expect gross margins to return to between 66% and 68%. Net loss to be in the range of $10 million to $13 million and adjusted EBITDA to be in the range of $1 million to $4 million.

此外，我們的第三季營收預期吸收了我們在第二季遇到的專業服務方面約 100 萬美元的阻力。由於第三季沒有固定授權收入預測，我們預計毛利率將回升至 66% 至 68% 之間。淨虧損在 1000 萬美元至 1300 萬美元之間，調整後的 EBITDA 在 100 萬美元至 400 萬美元之間。

We are reiterating our revenue guidance for the full fiscal year to be in the range of $236 million to $247 million. This absorbs headwinds of approximately $4 million to $6 million related to professional services projects for the second half of the year, offset by higher-than-expected technology revenue.

我們重申整個財政年度的收入預期，即在 2.36 億美元至 2.47 億美元之間。這吸收了下半年與專業服務項目相關的約 400 萬至 600 萬美元的不利因素，但被高於預期的技術收入所抵消。

While we expect revenue to be consistent to previous guidance, we expect profitability and free cash flow to be better than originally projected. Subject to the macro risk we have discussed, we currently expect full year adjusted EBITDA to be in the range of $28 million to $34 million and expect free cash flow to be in the range of $25 million to $35 million.

雖然我們預期收入將與先前的指引保持一致，但我們預期獲利能力和自由現金流將優於最初的預期。受制於我們討論過的宏觀風險，我們目前預計全年調整後的 EBITDA 將在 2800 萬美元至 3400 萬美元之間，預計自由現金流將在 2500 萬美元至 3500 萬美元之間。

When looking at our liquidity, we plan to use our cash on hand to repay the remaining $60.1 million of our 2025 convertible notes due in June. Following this, we expect to maintain a cash balance above $70 million for the rest of the fiscal year. While this supports our day-to-day operations, a higher balance closer to, say, $100 million would give us more flexibility to invest in growth and strategic priorities.

從流動性角度來看，我們計劃使用手頭上的現金償還 6 月到期的 2025 年可轉換票據剩餘的 6,010 萬美元。在此之後，我們預計本財政年度剩餘時間內的現金餘額將維持在 7,000 萬美元以上。雖然這可以支持我們的日常運營，但更高的餘額（例如接近 1 億美元）將使我們有更大的靈活性來投資於成長和戰略重點。

We will continue to use cash from operations to get to our optimal position and evaluate other capital structure options as needed. Overall, we are very pleased with the solid results in Q2 and our continued financial performance.

我們將繼續利用經營現金來達到最佳狀態，並根據需要評估其他資本結構選擇。整體而言，我們對第二季的穩健業績和持續的財務表現感到非常滿意。

I will now turn it back to Brian to close our remarks.

現在我將把發言時間交還給布萊恩來結束我們的演講。

Thanks, Tony. In closing, we're happy with our Q2 results and are feeling confident in our outlook for the full year while also recognizing that there are macro risks and uncertainties.

謝謝，托尼。最後，我們對第二季的業績感到滿意，並對全年前景充滿信心，同時也意識到存在宏觀風險和不確定性。

We remain focused on execution and customer delivery, business process improvement and cost reduction and advancing Cerence XUI, while also accelerating the diversification of our business. Based on the current available information, we continue to believe in our ability to deliver on our Q3 and fiscal year 2025 guidance. We look forward to continuing to share our progress with you.

我們繼續專注於執行和客戶交付、業務流程改進和成本降低以及推進 Cerence XUI，同時加速業務多元化。根據目前可用的信息，我們仍然相信我們有能力實現第三季和 2025 財年的預期。我們期待繼續與您分享我們的進展。

I'll now open it up for questions.

我現在開始回答問題。

(Operator Instructions) Jeff Van Rhee, Craig-Hallum.

（操作員指示）Jeff Van Rhee，Craig-Hallum。

Hey, this is Daniel Hibshman on for Jeff Van Rhee. Thanks for taking my questions guys. Just on the metrics, maybe if we can walk through a little bit of the puts and takes. Billings deceleration towards 0%, but connected cars, sort of real nice uptick, acceleration from 5% to 10%. Maybe just puts and takes on the metrics, what are driving those and sort of which of those you see as sort of pointing to the future trajectory?

嘿，我是 Daniel Hibshman，代替 Jeff Van Rhee。謝謝你們回答我的問題。僅從指標來看，我們是否可以稍微討論一下其中的優缺點。比林斯減速至 0%，但連網汽車卻出現了真正的良好上升趨勢，從 5% 加速至 10%。也許只是提出並接受指標，是什麼在推動這些指標，以及您認為哪些指標指向了未來的軌跡？

Hey, thanks for the question. Yes, when you look at it, you look at our overall volumes, they're in line with -- effectively in line with our expectations, maybe a tick up compared to what we thought for the quarter overall in volumes. And then the connected rate, what it shows again is that more and more cars are being connected within our overall volume that is done. So that's good to see.

嘿，謝謝你的提問。是的，當您查看我們的整體銷量時，它們符合 - 實際上符合我們的預期，可能與我們對本季度總體銷量的預期相比有所上升。然後是連接率，它再次表明，在我們完成的總體量中，連接的汽車越來越多。很高興看到這一點。

Remember that as we -- as more connected cars ship, it doesn't have an immediate impact on revenue, right? We get the billings in quarter as they ship, but they -- those billings are recognized over a period of time. So it's good to see the increased connected rates. It's good to see those billings, and we know those revenues will come as we amortize that over the subscription period.

請記住，隨著連網汽車的增多，它不會對收入產生直接影響，對嗎？我們在產品出貨時按季度收到帳單，但這些帳單是在一段時間內確認的。因此，看到連線率的提高是件好事。很高興看到這些帳單，我們知道這些收入將在訂閱期間攤銷後實現。

And then it looks like new Connected revenue, if you back out some of the one-times that you were speaking to, Tony, it looks like new connected is up about $1 million sequentially, which is one of the larger jumps that's taken. And generally, that's from SOPs going live that take time to ramp.

然後看起來新的互聯收入，如果你回顧一下你談到的一些一次性收入，托尼，看起來新的互聯收入環比增長了約 100 萬美元，這是較大的增長之一。一般來說，這是因為 SOP 的上線需要一定的時間來推進。

Is that fair to say then that whatever is ramping there, it would be fair to expect to continue to ramp into Q3, Q4 and drive some similar sequentials? Or is there anything onetime there? Just kind of walk me through the progression of new connected and the underlying business aspect.

那麼，是否可以這樣說：無論那裡發生什麼，都可以預期其在第三季、第四季繼續成長，並推動一些類似的連續成長？或者那裡曾經有東西嗎？請向我介紹一下新連接的進展和底層業務方面。

Yeah, sure. No problem. Yes, you're right. We're up about 8%, which is good to see. And again, remembering that, that revenue that's recognized this quarter is from previous billings that are now amortizing into revenue. So as we think about our revenue going forward, we do believe, of course, that given the past billings that we would expect increased Connected revenue as we go forward.

是的，當然。沒問題。是的，你說得對。我們上漲了約 8%，這是令人欣喜的。再次記住，本季確認的收入來自先前的帳單，現在正在攤銷為收入。因此，當我們考慮未來的收入時，我們當然相信，根據過去的帳單，我們預計未來的互聯收入將會增加。

And yeah, just to give you a flavor, it takes a quarter or two, right? Because we get paid on the connected when the car sells and the dealer and the consumer basically connect the car. And that's when that contract starts. So that -- how long is the shipment out and lot time, things like that.

是的，只是為了讓您了解一下，它需要四分之一或兩分錢，對嗎？因為當汽車售出時，我們會獲得相關報酬，而經銷商和消費者基本上將汽車連接起來。合約從那時開始生效。那麼——發貨需要多長時間、批次時間等。

And then before we actually see the revenue can be a little bit of time, too. So I always look at it as like it's a quarter or so, maybe slightly more, depending on the vehicle and the geography before we see that revenue.

在我們真正看到收入之前可能還需要一點時間。因此，我總是將其視為大約四分之一，也許稍微多一點，這取決於車輛和地理位置，然後我們才能看到收入。

Yeah. And then just in terms of -- another one for you, Brian, in terms of AI and where that's landing, I assume that, that's going to be showing its head in connected more so than in variable. So in terms of that connected kind of the sequential uptick and as you're looking through the rest of the year, what's driving that the most right now? Is that units? Is that the AI functionality, other functionality getting in, in terms of impacting the PPU? Just sort of what are the drivers -- the key drivers behind Connected -- and what -- if anything you can quantify either qualitatively or quantitatively in terms of the AI impact to date?

是的。然後就人工智慧及其落地而言，布萊恩，我想問您另一個問題，我認為，人工智慧將更多地體現在互聯方面，而不是變數方面。那麼，就這種連續的上升趨勢而言，展望今年剩餘時間的表現，目前最大的推動因素是什麼？那是單位嗎？就影響 PPU 而言，這是 AI 功能還是其他功能？那麼，互聯背後的驅動因素——關鍵驅動因素——以及——就迄今為止人工智慧的影響而言，您可以對其進行定性或定量量化嗎？

Sure. So what you have to remember is that large language models, and so let's just call it AI is in almost everything we do. And so even the embedded, as we call it, or the nonconnected vehicle is -- has a large and this is what our Cerence Assistant large language model, the call embedded version is. It's sitting on the vehicle and even for just vehicle controls.

當然。所以你必須記住的是，大型語言模型，我們稱之為人工智慧，幾乎存在於我們所做的每一件事中。因此，即使是我們所謂的嵌入式或非連網車輛，也有一個很大的特點，這就是我們的 Cerence Assistant 大型語言模型，也就是所謂的嵌入式版本。它位於車輛上，甚至僅用於控制車輛。

You want to turn your floor heat on, you want to change the colors in your car, you want to turn on adaptive cruise control, you want to adjust the temperature, whatever those directions are, you no longer need to use a key phrase. You no longer need to say a specific set of words. You can just say, hey, my feet are cold. Hey, could you crack the window? It's able to then translate that to a large language model and do the car function. So that has already penetrated the vehicle and doesn't require connectivity.

您想打開地板暖氣，想改變汽車的顏色，想打開自適應巡航控制，想調節溫度，無論這些指令是什麼，您都不再需要使用關鍵字。您不再需要說一組特定的字詞。你可以說，嘿，我的腳很冷。嘿，你能把窗戶打開嗎？然後它可以將其轉換為大型語言模型並實現汽車功能。因此，這已經滲透到車輛中並且不需要連接。

The next place is where it does call outs. If you want to know, hey, where is the nearest restaurant, where is the -- what was the score of the football game last night, who won the hockey game against the Oilers and the Vegas nights last night, whatever that is, that's a connected car.

下一個地方是它發出呼叫的地方。如果你想知道，嘿，最近的餐廳在哪裡，昨晚足球比賽的比分是多少，誰贏得了對油人隊的曲棍球比賽以及昨晚的拉斯維加斯之夜，無論是什麼，這都是一輛聯網汽車。

And so all of those things are AI, right? They are driving consumer demand. They are driving PPU increases. And the more of those things that people want to do outside of the vehicle, things like scores or temperature, weather or drive connected and why we're seeing the connected increase. But AI is driving usage of the voice in the vehicle across the board, whether it's connected or not. Does that help?

所以所有這些東西都是人工智慧，對嗎？它們正在推動消費者需求。它們正在推動 PPU 的成長。人們希望在車外做的事情越多，例如比分、溫度、天氣或駕駛連網，這就是我們看到連網程度增加的原因。但人工智慧正在全面推動車輛語音的使用，無論車輛是否連網。這樣有幫助嗎？

Yeah, that does help in terms of, obviously, when I think about the opportunity generally with calm and embedded, I don't think you could first intuitively think of that as the opportunity, but that makes sense in terms of how that is a component as well in the edge. So a good thing to call out.

是的，這確實有幫助，顯然，當我考慮通常平靜而嵌入的機會時，我認為你不能首先直觀地​​將其視為機會，但從它如何成為邊緣的一個組成部分的角度來看，這是有道理的。所以，呼籲一下是一件好事。

And then just last question for me. In terms of how -- because a lot of people are going to be asking and wondering in terms of macro, where, if anywhere, would we be seeing that if it was showing its head? Would that be in the IHS units as in just sort of total units shipped in the industry trickling down to you? Would that be in pricing with your customers? Where, if anywhere, would we be seeing impacts?

接下來是我的最後一個問題。至於如何——因為很多人會從宏觀角度詢問和疑惑，如果它露出頭來，我們會在哪裡看到它？這是否以 IHS 單位來表示，就像行業內發貨的總單位逐漸流向您一樣？這會影響您與客戶的定價嗎？如果有的話，我們會在哪裡看到影響？

So you'll see a little bit of it with both of those as and if those kick in, right? So I mentioned in the call that we are starting to see some requests from OEMs, a few of them to talk -- have discussions about price reductions as their cost structures and all are getting pressured, right?

因此，當這兩者同時發揮作用時，您會看到一點這樣的情況，對嗎？因此我在電話中提到，我們開始看到一些來自 OEM 的請求，其中一些要求討論降價問題，因為他們的成本結構都面臨壓力，對嗎？

We're going in rather than just saying, okay, we're going to give them an X% price decrease. We're trying to go in and say, hey, we think we can save you even more money. We think we can take some of your software offload. We can consolidate some of your software needs and give you a better price.

我們會積極行動起來，而不是只是說，好吧，我們將給他們降低 X% 的價格。我們試著走進去說，嘿，我們認為我們可以為您節省更多的錢。我們認為我們可以減輕您的一些軟體負擔。我們可以整合您的部分軟體需求並給您更優惠的價格。

And by the way, yes, we'll get some increased revenue and -- but save you money over the long run. And so we're trying to take it as a win-win. So that will be that standpoint and how we try and deal with pricing. volume-wise, we'll be, I'll basically say, victims of whatever occurs there around volume. So if volumes decrease dramatically, we would be just directly impacted by that.

順便說一句，是的，我們會獲得一些增加的收入，但從長遠來看，我們會為您節省金錢。因此我們試圖將其視為雙贏。這就是我們的立場以及我們嘗試處理定價的方式。從成交量來看，我基本上可以說，無論成交量如何變化，我們都會成為其影響的受害者。因此，如果交易量急劇下降，我們就會直接受到影響。

Remember, we ship worldwide. So a large number of our cars are shipped outside of the US. So even if there are tariffs and impacts in the US, it may not be directly correlated to what we'll see. If it's down X% percent, we may not be down as much because we sell a lot of cars outside or sell in a lot of cars outside the US, right, but that's where you would see it.

請記住，我們在全球範圍內發貨。因此，我們大量的汽車都運往美國境外。因此，即使美國有關稅和影響，也可能與我們將看到的情況沒有直接關係。如果下降了 X%，下降幅度可能沒那麼大，因為我們在國外銷售了很多汽車，或者在美國以外的地方銷售了很多汽車，對，但這就是你會看到它的地方。

Then that's it for me. Congrats on the quarter, and thanks, Brian. Thanks, Tony.

那對我來說就這些了。恭喜本季取得佳績，謝謝你，布萊恩。謝謝，托尼。

Nicolas Doyle, Needham.

尼古拉斯·道爾，尼德姆。

Hey, guys. Thanks for taking my questions. The first one, keeping the fiscal 2025 guide unchanged, you talked about a little bit coming out of the professional services and more coming from the higher tech revenue. Could you just be a little more specific on what that is and kind of why it's a little bit higher?

嘿，大家好。感謝您回答我的問題。第一個問題，保持 2025 財年指南不變，您談到一部分收入來自專業服務，而更多的收入來自高科技收入。您能否更具體地說明一下這是什麼以及為什麼它會高一點？

I know you gave kind of some -- a lot of metrics around the Connected Services, but it sounds like it might not be coming from that just because of the lags, but any commentary there? Thank you.

我知道您給了一些有關互聯服務的指標，但聽起來可能不是因為滯後而產生的，您有什麼評論嗎？謝謝。

Yeah, no problem. As we've talked about the last -- this quarter and last quarter, we're seeing a little bit of headwind in the PS. But as you mentioned, we did not adjust guidance for the full year. We still think we'll hit that range. And so if we're not hitting there, where is it coming from? It's the tech. We are up probably a little bit more than our original plan on the connected side.

是的，沒問題。正如我們談到的上一季和上一季一樣，我們看到 PS 遇到了一些阻力。但正如您所說，我們並沒有調整全年業績指引。我們仍然認為我們會達到這個範圍。那麼如果我們沒有攻擊那裡，那麼它是從哪裡來的呢？這就是技術。在連結方面，我們的成長可能比原計劃要多一些。

But the other piece is really from the license volume that we're seeing. We saw a little bit of uptick in -- compared to expectation in license volume in Q2. Maybe some of that had to do with some of the production levels for getting prepped for tariffs, but we did see that. So it's really coming from the license business.

但另一部分實際上來自我們看到的許可證數量。與預期相比，我們看到第二季度的許可證數量略有上升。也許其中一些與為關稅做準備的生產水平有關，但我們確實看到了這一點。所以它實際上來自許可證業務。

And don't forget, one of the key factors that we're doing very differently than a year ago and was especially evident this quarter is we're really limiting the amount of prepays or as it's called in the discussion, fixed contracts. And by limiting those, we're also getting less of a discount in those spaces because we're being able to be more competitive in that space. And we're not giving as many discounts, right?

別忘了，我們的做法與一年前有很大不同，並且在本季度尤為明顯的一個關鍵因素是，我們確實限制了預付款的金額，或者在討論中所說的固定合約。透過限制這些，我們在這些領域獲得的折扣也會減少，因為我們能夠在這些領域更具競爭力。而且我們也沒有給那麼多折扣，對吧？

So we did $20 million-ish, I think it was like $21.3 million this quarter, and that will be it for this year. Prior years, the numbers were quite a bit higher, and those came with even bigger discounts. So by just reducing that, it increases our effective price. But it's really because we're not doing as much of this pull-in of contracts with big discounts.

因此我們的收入約為 2000 萬美元，我認為本季的收入約為 2,130 萬美元，今年的收入就這麼多了。前幾年，這個數字要高得多，而且折扣也更大。因此，只要減少這一點，就能提高我們的實際價格。但這其實是因為我們沒有簽訂太多的大折扣合約。

And it makes sense. I think we could see that a little bit in the gross margins coming through. You had a press release last month with MediaTek for your Edge solution. I guess what was the -- if there is, what was the missing piece that MediaTek is the partnerships bringing to you with that Edge solution? Thank you.

這是有道理的。我認為我們可以從毛利率中看到一點這一點。上個月，您與聯發科合作發布了有關 Edge 解決方案的新聞稿。我想問的是——如果有的話，聯發科與 Edge 解決方案的合作夥伴關係給您帶來了什麼缺失的部分？謝謝。

Well, it's really a three-way relationship. It's NVIDIA, MediaTek, and Cerence. And what we're working together, so MediaTek and NVIDIA are working together on cores that are directly related to automotive that have the right pricing and go-to-market within the automotive space. So they're building those SoCs. And we're helping them and they're helping us by integrating our software and making sure we optimize together for performance, right?

嗯，這確實是一種三方關係。它們是 NVIDIA、聯發科和 Cerence。我們正在合作，因此聯發科和 NVIDIA 正在合作開發與汽車直接相關的核心，這些核心在汽車領域具有合適的定價和上市能力。所以他們正在建造這些 SoC。透過整合我們的軟體並確保我們共同優化效能，我們正在幫助他們，他們也在幫助我們，對嗎？

There's a lot of things we can do around latency, around overall performance, power, amount of memory required, all of those kinds of things that if we work with the SoC providers, we can optimize that, and that then makes it lower cost for the OEM and the Tier 1 integrator, also makes it simpler, right, part of why we don't need as much professional services.

我們可以針對延遲、整體性能、功率、所需內存量等做很多事情，如果我們與 SoC 提供商合作，我們就可以優化這些事情，從而降低 OEM 和一級集成商的成本，也使其變得更簡單，對吧，這也是為什麼我們不需要那麼多專業服務的原因之一。

So that relationship is really a three-way relationship. NVIDIA and MediaTek working on the SoC and then us working with the combined group there to really deliver the software stack.

所以這種關係其實是一種三方關係。NVIDIA 和聯發科正在合作開發 SoC，然後我們與聯合團隊合作真正交付軟體堆疊。

Thanks. And then if I could just ask one more. On the lawsuit, I guess, what are you really trying to achieve going into Microsoft who are also a partner to you guys. So I'm just wondering if it's trying to set a bit of a precedent here as other start-ups are moving into these voice assistant space. And I understand that it's specific to text to speech. Thank you.

謝謝。然後我是否可以再問一個問題。關於訴訟，我想，你進入微軟的真正目的是什麼？微軟也是你們的合作夥伴。所以我只是想知道，隨著其他新創公司進入語音助理領域，它是否試圖在此樹立先例。我理解它是專門針對文字轉語音的。謝謝。

Yeah. I mean, what are we trying to achieve? I mean we're protecting our intellectual property, right? We you as a shareholder are investing with us on the development of this technology and text to speech and wake-up word and a lot of those IPs were foundational to Cerence, and we continue to advance those and really drive those. And so we're really -- we're protecting those.

是的。我的意思是，我們想要實現什麼目標？我的意思是我們正在保護我們的智慧財產權，對嗎？我們作為股東與我們一起投資開發這項技術以及文字轉語音和喚醒詞，其中許多 IP 都是 Cerence 的基礎，我們將繼續推進這些技術並真正推動它們的發展。所以我們確實在保護它們。

And so our goal is nothing more than that. We don't have some other goal around other companies where we can only manage a certain number of these because we don't have infinite funds. And we're going with the ones that we feel like are the clearest to us that allow us to clearly state our position. But it's all about protecting our IP and protecting your investment.

所以我們的目標僅此而已。我們不像其他公司那樣設定目標，因為我們沒有無限的資金，所以我們只能管理一定數量的公司。我們會選擇那些我們認為最清楚的、能夠讓我們清楚地表達自己立場的方案。但這一切都是為了保護我們的智慧財產權和保護您的投資。

Understood. Thank you.

明白了。謝謝。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good afternoon. Thank you for taking my questions. Price per unit increased on a TTM-to-TTM basis, and you talked about some of the potential positive drivers such as AI in the vehicle, but then you also spoke on some pricing headwinds that have emerged in your prepared remarks. I'm hoping you can help us better understand how these various puts and takes will lead to PPU and where you think PPU may go over the next 12 to 24 months overall.

是的，下午好。感謝您回答我的問題。每單位價格逐年上漲，您談到了一些潛在的積極驅動因素，例如車輛中的人工智慧，但隨後您也在準備好的發言中談到了出現的一些定價阻力。我希望您能幫助我們更好地理解這些不同的投入和產出將如何導致 PPU 的走勢，以及您認為 PPU 在未來 12 到 24 個月內的整體趨勢。

Well, let me give you a little background on that on PPU. So yes, there are puts and takes within there. So -- and I think we're not going to give guidance on a go-forward basis. As we really work this metric, we will get, I think, better at our last call, we said, hey, we know that it's important to you guys and to us. And so we've developed this metric.

好吧，讓我給你介紹一下 PPU 的一些背景資訊。所以是的，這裡面有投入和產出。所以——我認為我們不會給出未來的指導。當我們真正運用這個指標時，我認為我們會在最後一次通話中做得更好，我們說，嘿，我們知道這對你們和我們都很重要。因此我們制定了這個指標。

So the puts and calls would be this. So even if there is pricing pressure in the future, what Brian is saying is, hey, if you have more, let's say, a take rate on the technology stack or something, we can give that at a discount.

因此看跌期權和看漲期權就是這樣的。因此，即使未來存在定價壓力，布萊恩的意思是，嘿，如果你有更多的，比如說，技術堆疊的接受率或其他東西，我們可以給予折扣。

But overall, that would still may drive a higher PPU. It could be plus or minus based on those two aspects of a bit of pricing pressure, but maybe an uptick in the take rate of the amount of technology.

但總體而言，這仍可能推動 PPU 上漲。根據這兩個方面的價格壓力，它可能是正數或負數，但技術採用率可能會上升。

And then the other driver, too, is the overall volumes and then the amount of connected cars within that because, again, on average, over a period of time, if we have more connected cars, that price per that individual car will go up.

另一個驅動因素是總體數量以及其中聯網汽車的數量，因為平均而言，在一段時間內，如果我們擁有更多的連網汽車，那麼每輛汽車的價格就會上漲。

So we believe that there are pluses and minuses in this. And at this point, I'm not willing to give any guidance going forward. But again, it's a positive trend over the last trailing 12 months.

因此我們認為這有好處也有壞處。目前，我還不願意給予任何未來的指導。但再次強調，過去 12 個月的趨勢是正面的。

And remember, we're reporting here an average number, right? So this number is going to incorporate variance over time. And it's -- we're trying to learn ourselves how to use this to look at our operations and look at our overall business.

請記住，我們這裡報告的是一個平均數字，對嗎？因此這個數字將會隨著時間而改變。而且——我們正在嘗試學習如何利用它來審視我們的營運和整體業務。

So we're trying to share this as quickly as we can with you guys, and you're going to have to give us a little bit of time to really start doing things like projections and forecasts and understanding it much beyond this. But we wanted to share it with you because we've been talking about it and promising.

因此，我們正嘗試盡快與你們分享這一點，你們需要給我們一點時間來真正開始做一些事情，例如預測和預報，並進一步了解這一點。但我們想與你們分享，因為我們一直在談論它並做出承諾。

Understood, and thank you for the disclosure that you did have on GPU. It is helpful. I also wanted to ask around the situation with Microsoft. Can you help us better understand what led to the lawsuit? You spoke to an earlier question, Brian, around trying to protect your IP. But I want to understand, are you seeing Microsoft start to compete more with you and have they moved into the vehicle space?

明白了，感謝您對 GPU 的揭露。這很有幫助。我也想問一下微軟的狀況。您能幫助我們更了解導致訴訟的原因嗎？布萊恩，你之前提到過一個問題，關於嘗試保護你的智慧財產權。但我想了解的是，您是否看到微軟開始與您展開更多競爭，並且他們是否已經進入汽車領域？

Yeah. So it's an active lawsuit. I'm just not allowed to talk about much detail beyond this other than it's really about protecting our IP. And like we said in the earnings call, we have one and have had one with Samsung for some period of time. That's going through the court process. And these things take some time to go through this process. So that's going through.

是的。所以這是一場積極的訴訟。除了這實際上是為了保護我們的智慧財產權之外，我不允許談論太多細節。正如我們在財報電話會議上所說的那樣，我們有一個，並且已經與三星合作了一段時間。這正在經過法庭程序。而這些事情需要一些時間來完成這個過程。這就是正在發生的事情。

There are some events that occur this year and into next year for that case, the Microsoft one has just started, but it's really about use of our IP and Cerence getting paid for it. And we're just protecting that, and that's what the suit is about. But I can't go into much other detail beyond that just because it's active lawsuit.

今年和明年會發生一些事件，微軟的事件才剛開始，但這實際上是關於我們使用 IP 以及 Cerence 獲得報酬的事情。我們只是在保護這一點，這就是訴訟的目的。但由於這是一場正在進行的訴訟，我無法透露更多細節。

Okay. Understood. Separate from the court case, you did have an announcement you're working with them to bring ChatGPT to vehicles. Are you still able to work on a business basis?

好的。明白了。除了法庭案件之外，您確實宣布正在與他們合作將 ChatGPT 引入車輛。您還能從事商業工作嗎？

Companies have disputes about contracts and legal issues all the time. And yet they're able to still work together. So we absolutely are continuing to work with Microsoft. The lawsuit is one separate issue. you're always having issues along with progress when you're working with other companies.

公司經常會發生有關合約和法律問題的糾紛。但他們仍然能夠一起工作。所以我們絕對會繼續與微軟合作。該訴訟是另一個單獨的問題。當你與其他公司合作時，你總是會遇到進展方面的問題。

And so we've had meetings even over the last day or so with Microsoft on some of the technical items. And so the technical teams are still heads down on bringing innovation and capabilities between the 2 companies. And the lawsuit is a separate issue that is really not affecting that side of the work together.

因此，我們甚至在過去一天左右與微軟就一些技術問題舉行了會議。因此，技術團隊仍致力於為兩家公司帶來創新和能力。訴訟是一個單獨的問題，實際上並不影響雙方的合作。

Understood. Thank you.

明白了。謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Good afternoon everyone and congrats on the quarter. Just maybe a question on customer interest in some of your latest offerings. And I ask because as the automakers struggle with tariffs and all the disruptions to their new vehicle production business in the last few years, they're looking to shift, as you know, more towards earning revenue from their installed base through various services.

偉大的。謝謝。大家下午好，恭喜本季取得佳績。也許只是想問一下客戶對您的一些最新產品的興趣。我之所以問這個問題，是因為過去幾年，汽車製造商一直在努力應對關稅問題以及新車生產業務的各種中斷，他們正在尋求轉型，正如你所知，透過各種服務從已安裝的車輛中賺取收入。

And I'm wondering if maybe the tariffs could actually increase interest in your go-forward offerings and whether you're already having or seeing some of that in your latest conversations? That's my first question.

我想知道關稅是否真的可以增加人們對您未來產品的興趣，以及您是否已經在最近的談話中看到或感受到了這一點？這是我的第一個問題。

We -- I don't know if you can tie to tariffs, right? I guess I'm too much of a technologist and believe that it's the technology itself. I mean we talked about multimodal, and we demonstrated this live in actual production at the Shanghai Auto Show.

我們——我不知道你是否可以將其與關稅聯繫起來，對嗎？我想我太過於技術化了，相信問題在於技術本身。我的意思是我們討論了多式聯運，並且在上海車展的實際生產中現場演示了這一點。

I mean, it's really cool when you can pass by a street sign or an advertisement and ask a car, hey, what did that sign just say? And was there a phone number to call? Hey, was that the turn off for exit 23 and -- or did I miss it? And the system uses cameras and it can tell you exactly what's going on, right? So we are seeing uptake.

我的意思是，當你經過路牌或廣告並問一輛汽車，嘿，那個標誌剛才寫了什麼時，這真的很酷。有電話號碼嗎？嘿，那是 23 號出口的岔路口嗎——還是我錯過了？該系統使用攝像頭，可以準確地告訴你發生了什麼，對嗎？因此，我們看到了成長勢頭。

We have some really cool proofs of concept and development work going on with our OEMs that is slated to come out, I'll say, like late this year, early next year that starts to use this both in cabin and outside of cabin capability, this multimodal, things like, hey, I'm noticing you're blinking a lot, you're tired. Would you like me to find a coffee place to stop? Or would you like to rest? Those kinds of -- all those kinds of capabilities are really kicking in. Consumers like it. The OEMs like it. We're able to do a lot of this over the air because on the connected version, it's easy for us to connect it into the cloud-based supply.

我們與原始設備製造商 (OEM) 正在進行一些非常酷的概念驗證和開發工作，預計將於今年年底或明年年初推出，屆時將開始在機艙內和機艙外使用這種多模式功能，比如，嘿，我注意到你眨眼很多，你累了。你想讓我找個咖啡館停下來嗎？還是你想休息一下？所有這些能力都真正發揮了作用。消費者喜歡它。OEM 們很喜歡它。我們能夠透過無線方式完成很多工作，因為在連接版本上，我們可以輕鬆地將其連接到基於雲端的供應中。

With new hardware, we're able to do it embedded on the vehicle. So those will be the cars that are really delivering in 2026. So I don't know if tariffs are really driving this. I do think, though, companies are -- if they're going to have to increase prices, they're going to have to find an effective way to provide more capability for that price, too. People aren't just going to accept pricing and price increases.

有了新硬件，我們就能夠將其嵌入車輛上。所以這些將是 2026 年真正實現交付的汽車。所以我不知道關稅是否真的導致了這種情況。不過，我確實認為，如果公司必須提高價格，他們就必須找到一種有效的方法，以相同的價格提供更多的功能。人們不會簡單地接受定價和價格上漲。

And so I do think there's an opportunity for that. I don't see it right now. We're not reflecting any of that. But I think it's something I'm hoping we'll see as we move forward in this. And right now, everyone prices change on a weekly basis or tariffs change on a weekly basis and what's in and what's out.

所以我確實認為這是一個機會。我現在沒看到。我們沒有反映出任何這些。但我認為這是我們在前進過程中希望看到的事情。現在，每個人的價格或關稅每週都會變化，什麼進來，什麼出去。

And people are just trying to absorb what's there and figure out how to work together. The good thing is the industry is working well together. Everybody is communicating. Everybody is talking, everybody is trying to help each other out through this process.

人們只是試圖吸收現有的知識並找出如何合作。好消息是整個產業合作良好。每個人都在交流。每個人都在談論，每個人都試圖在這個過程中互相幫助。

That's great to hear, thank you. And just as a follow-up, I was hoping maybe you could expand a bit more on some of the non-automotive opportunities you alluded to before, maybe size some of the opportunities for the companies and kind of how long could it take to see some kind of meaningful revenue emerging from these verticals? Thank you.

我很高興聽到這個消息，謝謝。作為後續問題，我希望您能進一步闡述您之前提到的一些非汽車領域的機會，或許可以評估一下這些公司的機會規模，以及需要多長時間才能從這些垂直領域獲得一些有意義的收入？謝謝。

Sure. So we're looking for verticals where we can take the software expertise and capabilities and innovation that we already have and apply that over to applications that we think consumer demand will be there.

當然。因此，我們正在尋找垂直領域，利用我們已有的軟體專業知識、能力和創新，並將其應用到我們認為有消費者需求的應用程式上。

So one of the ones you saw or the ones we talked about here was with Code Factory and the VoiceTopping. So this is taking what we can do in a car already around the large language models, both embedded and connected and applying that to kiosks, so -- and using a partner like Code Factory to go to market.

因此，您看到的或我們在這裡討論的其中一個是 Code Factory 和 VoiceTopping。因此，這就是利用我們在汽車上已經可以實現的大型語言模型（包括嵌入式和連接式）並將其應用到資訊亭中，然後 - 並使用像 Code Factory 這樣的合作夥伴來進入市場。

So I don't want to build a sales force that has the ability to go to 5,000 malls and airports in the world. I want to use a partner to go do that. So we're trying to do this very cost effectively, which means we may grow a little slower than we possibly could if we did it guns of blazing, but I think is a smart way to do it.

所以我不想建立一支能夠前往全球 5,000 個商場和機場的銷售團隊。我想找一個合作夥伴來做這件事。因此，我們試圖以非常經濟的方式實現這一目標，這意味著我們的成長速度可能會比我們全力以赴時慢一些，但我認為這是一種聰明的做法。

So imagine you're in a mall and rather than trying to find where the lululemon is or the whatever restaurant you want to find is, you just walk up and say, hey, can you point me to the lululemon or to the Tommy Bahama Restaurant or whatever or you're in the airport and you just -- you see a kiosk with a map and you go, where is C12. And it just shows it on the map and shows your walking path.

想像一下，你在一家商場裡，你不需要費力尋找 lululemon 或你想找的餐廳在哪裡，而是直接走上前說，嘿，你能告訴我 lululemon 或 Tommy Bahama 餐廳在哪裡嗎？或者你在機場，你看到一個有地圖的攤位，然後你問，C12 在哪裡。它只會在地圖上顯示您的步行路徑。

Those are the kinds of applications, real-world applications that we think end users will appreciate and will deliver capability. And what's nice is if the lay in the mall changes, the stores change, we're able to -- we'd be able to do that over the air rather than having to come in and update the software directly.

我們認為，這些都是最終用戶會欣賞並能提供強大功能的實際應用程式。令人高興的是，如果商場的佈局發生變化，商店發生變化，我們就能夠透過無線方式進行更新，而不必直接進入並更新軟體。

And so we can do those kinds of things as well and continue to increase the capability. So that's really where we're starting. We're looking at some other verticals, but they're very nascent right now, just making sure understanding does our technology apply, do we think there's real demand for it, things like that.

因此我們也可以做這些事情並繼續提高能力。這才是我們真正的起點。我們正在研究一些其他垂直領域，但它們現在還處於起步階段，只是確保了解我們的技術是否適用，我們是否認為對它有真正的需求，諸如此類。

Terrific. That’s all very helpful. Thank you.

了不起。這些都非常有幫助。謝謝。

And I'm not showing any further questions at this time. And as such, this does conclude today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.

我現在不想再問任何問題。今天的演講就到此結束了。我們感謝您的參與。現在您可以斷開連接，享受美好的一天。